1. At a Glance
Cemindia Projects Ltd (formerly ITD Cementation India Ltd) is currently trading at ₹635, licking its wounds after a ~26% fall in 3 months, while still flexing a ₹10,945 Cr market cap. This is one of those stocks where the order book is doing gym workouts but the share price is on a diet.
Q3 FY26 numbers came in with ₹2,315 Cr revenue and ₹111 Cr PAT, showing 27.4% YoY profit growth, while topline growth stayed muted at ~2% YoY. ROCE is sitting at a healthy 27.6%, ROE at 21.8%, and debt-to-equity at 0.48 — not squeaky clean, but not a civil-construction horror story either.
Promoters (Renew Exim DMCC / Adani group entity) hold 67.5%, zero pledge, and credit ratings just got upgraded to A+. Meanwhile, the order book ballooned to ₹21,879 Cr, roughly 2.3x TTM revenue — which means work is guaranteed, sleep is optional, and execution pressure is permanent.
So the big question:
Is Cemindia a cash machine under construction, or a valuation trap wearing an order book helmet?
2. Introduction
Infrastructure companies are like Indian weddings — loud, expensive, delayed, and somehow still impressive when finished. Cemindia Projects Ltd sits right in the middle of this chaos.
Originally known as ITD Cementation, this company has been digging tunnels, building ports, raising flyovers, and annoying traffic police for decades. In FY25, things changed dramatically when Renew Exim DMCC (Adani Group ecosystem) took control, hiking promoter holding from ~46% to 67%. Suddenly, the company got better access to capital, credibility, and very large government tender PDFs.
Financially, Cemindia is coming off a multi-year growth spurt:
- FY23 revenue growth: 34% YoY
- FY24 revenue growth: 52% YoY
- Profit CAGR (3Y): ~76%
But FY26 so far has been about consolidation, not fireworks. Revenue growth slowed, margins are stable but capped, and
the market is questioning whether the best days are already priced in.
Before we judge, let’s understand what exactly these guys build when the country is asleep.
3. Business Model – WTF Do They Even Do?
If it’s big, heavy, underground, underwater, or politically sensitive — Cemindia probably bids for it.
Their business is classic EPC (Engineering, Procurement & Construction), spread across seven verticals:
- Maritime Structures (35% of order book)
Jetties, ports, berths, dolphins (not the animal), dry docks — basically everything that floats India’s trade dreams. - Urban Infra, MRTS & Airports (21%)
Metro tunnels, underground stations, airport terminals. If you’ve cursed a metro barricade recently, they might be involved. - Highways, Bridges & Flyovers (15%)
Roads that look smooth in DPRs and bumpy in real life. - Industrial Structures & Buildings (13%)
Refineries, steel plants, academic campuses, CPWD buildings. - Hydro, Dams, Tunnels & Irrigation (11%)
Tunnels through mountains where even Google Maps gives up. - Foundation & Specialist Engineering (3%)
Piling, diaphragm walls, geotechnical work — the boring but critical stuff. - Others (~2%)
Top 5 customers contribute ~46% of revenue, which is manageable concentration but still something to watch. Presence spans 13 states + overseas projects in Bangladesh and Sri Lanka.
Lazy investor test:
If India keeps building, Cemindia keeps
